Constantine Village Council members reviewed a bond anticipation note timeline by Baker Tilly Municipal Advisors for construction of a new sewer plant.
The action took place at Monday’s council meeting.
More than a year ago, the village applied for a $13.4 million rural development/ USDA 40-year loan to recommission its treatment facility.
The bond anticipation note essentially is a bridge loan. With many processes and requirements to get to closing on permanent USDA financing, it acts as an intermediary loan to pay invoices, village officials said.
The BAN is paid upon closing on the permanent USDA bond funding with USDA bond proceeds.
According to engineering studies, residents’ sewer rates will drop when the new plant is operational. The council said it will determine if residents pay for the new plant with a special purpose millage or billing charges for services.
The village shut down the facility in 1997 and currently sends sewage to the wastewater treatment plant in Three Rivers.